Trump Signs New Relief Package into Law

By Jeffrey Bellant April 26, 2020 236
U.S. Treasury Secretary Steven T. Mnuchin U.S. Treasury Secretary Steven T. Mnuchin

President Trump signed a $484 billion relief package for small businesses on April 24, which includes $320 billion for the depleted Paycheck Protection Program.

Trump said it will keep millions of American workers on the payroll.

“It’s great for small business, great for the workers,” Trump said during the signing of the bill.

The package follows the previous CARES Act funding of PPP. The earlier program was flooded with requests for loans and ran out within days of its availability.

The new package also includes $59 billion for the Economic Injury Disaster Loan (EDIL) program which provides loans to small businesses and farms.

Independent dealers from across the country have been receiving the PPP loans under the first relief package and more will be expected to apply now that new funding is approved.

National Independent Automobile Dealers Association CEO Steve Jordan said the new law is a necessary step for dealers across the nation struggling to keep their businesses afloat until the economy gets back to full speed.

 “The funding from these loans is vital to keep these tens of thousands of small businesses viable so they can provide needed transportation to their customers,” Jordan said, “and just as important, so they can continue to provide jobs and income to their employees through this crisis.”

U.S. Treasury Secretary Steven T. Mnuchin and Jovita Carranza of the U.S. Small Business Administration issued a joint statement after the bill was signed.

“The PPP has supported more than 1.66 million small businesses and protected over 30 million jobs for hardworking Americans,” they stated. “With the additional funds appropriated by Congress, tens of millions of additional workers will benefit from this critical relief.

“We encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously.  All eligible borrowers who need these funds should work with an approved lender to apply.  Borrowers should carefully review PPP regulations and guidance and the certifications required to obtain a loan.”

 

 

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Last modified on Monday, 27 April 2020 13:40

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